CEBU City—Citing bright prospects in the market for residential units, a Cebu-based real estate developer will invest about P2 billion in two projects in Cebu.

Manuel Colayco Jr., chief operating officer of Taft Property Development Corp., on Tuesday said Cebu remained underserved, particularly in the type of development his company was into.

“Our target market is a very active market, composed of upper-lower end type of buyers,” Colayco said.

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According to Housing and Land Use Regulatory Board (HLURB) statistics, there is a supply shortfall of between 160,000 and 200,000 units for our type of market.

“When you look at all developments (in Cebu), the available units are nowhere near 20,000,” he said.

In terms of market potential, Colayco said, Cebu remained a promising market.

He said his company had sold 51 percent of the 868 units in Tower 1 of its first condominium project, the Horizon 101, which started selling in March.

The Horizon 101’s first building, envisioned to be the tallest building in the Visayas and Mindanao, will have 55 stories. Its second building will have 46 floors and 600 units.

For the twin towers alone, the investment of Taft Property would reach about P1.7 billion, Colayco said.

The Horizons 101, he said, would feature 1,200 square meters of landscaped open space, a 25-meter-lap swimming pool, a Jacuzzi, kiddie pool, 150-meter jogging paths, a fitness gym, a children’s play area, mini-theaters, multipurpose halls, a gazebo and a Japanese garden.